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ALL THAT SPARKLES IS GOLD: With Diwali festivities in the air, Indians are on a hectic bullion buying spree. Marketmen have reported a spurt in sales of gold and silver jewellery, gems, and diamonds. A great monsoon, higher purchasing power, the revival of the rural economy, coupled with the festive season buying frenzy, have seen gold prices zoom to Rs 5,725 per 10 gm, and silver jump to Rs 8,030 per kg. India is the largest consumer of gold in the world having bought 575.7 tonnes last year, according to the World Gold Council. It is emerging as the world's largest gold trading center with a target of $16 billion set for 2010. India's gem and jewellery industry has registered an impressive 21.33 per cent growth in exports in just concluded fiscal 2002-03. The Gems & Jewellery Export Promotion Council says gem and jewellery exports during 2002-03 stood at $9.10 billion. India also dominates the world's cut and polished diamonds market. It accounts for 80 to 85 per cent of the world's market in volume terms. ALSO SEE: India's Most Expensive Cars |
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